UAE's Food Marketplace Supy Raises $8 Million in Seed Funding Round
Supy plans to use the funding raised to further support its product offering, bolster its technology, and expand its presence in the Saudi market.
Supy, a UAE-based food marketplace startup, raised $8 million in a seed round led by BECO Capital with participation from existing investors, including Valia Ventures and COTU Ventures, Global Ventures and AMK Investment Office.
Co-founded in February 2021 by Dani El-Zein and Ibrahim Bou Ncoula, Supy focuses on digitising the communication process between restaurants and suppliers. The software, which is available online and on mobile, helps restaurants improve profit margins by providing them with insights on their purchasing trends at an ingredient and supplier level.
E-commerce startups are among the most funded startups in the Middle East. According to Magnitt’s E-commerce 2022 EVM Venture Investment Report, funding deployed in the industry as well as the number of deals closed by e-commerce startups grew by 199% from 2021, reaching $500 million in VC funding in H1’22.
Investors are also currently taking interest in startups offering B2B solutions in the retail space, with Saudi-based Retailo - a B2B servicing app - raising $36 million in Series A round in February 2022, and Pakistan-based Jugnu - an e-commerce startup - raising $22.5 million in Series A round in March 2022.
“We are on a mission to become a global leader in this space, and our growth since our pre-seed funding round is a testament that we are on track with the right set of partners,” Dani El-Zein, Co-Founder and CEO of Supy, tells StartupScene. “KSA is the perfect location for our first international expansion outside the UAE and into the global market. Supy was created to solve a crucial problem for one of the most dynamic industries, and we can’t wait to expand our software offerings to our customer base.”
Supy plans to use the funding raised to further support its product offering, bolster its technology, and expand its presence in the Saudi market. It seeks to launch its settlement and payment solution to help suppliers reconcile invoices while allowing restaurants to better manage their payables and cash flow.